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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Northern Ireland (Loans) (Increase of Limit) Order 1995 No. 675 URL: http://www.bailii.org/uk/legis/num_reg/1995/uksi_1995675_en.html |
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Statutory Instruments
NORTHERN IRELAND
Made
7th March 1995
Coming into force
31st March 1995
Whereas a draft of this Order has been approved by resolution of the House of Commons:
1. This Order may be cited as the Northern Ireland (Loans) (Increase of Limit) Order 1995 and shall come into force on 31st March 1995.
2. The limit in section 1(2) of the Northern Ireland (Loans) Act 1975(3) is hereby increased by £300 million to£2,000 million.
P. B. B. Mayhew
One of Her Majesty's Principal Secretaries of State
Northern Ireland Office
11th February 1995
We approve
Timothy Wood
Andrew Mitchell
Two of the Lords Commissioners of Her Majesty's Treasury
7th March 1995
(This note is not part of the Order)
Section 1(2) of the Northern Ireland (Loans) Act 1975, as amended, specifies a maximum of £1,700 million for the aggregate amount outstanding by way of principal in respect of certain loans (namely, loans by the Secretary of State to the Consolidated Fund of Northern Ireland under section 1(1) of the Act, and loans under previous enactments specified in section 1(3) of the Act). Section 1(5) of the Act, as applied by section 1(2) of the Northern Ireland (Loans) Act 1985, allows the Secretary of State to raise the maximum, on not more than one occasion, by not more than £300 million. This Order exercises that power by increasing the limit to £2,000 million.
The limit in that subsection was increased to £1,700 million by section 1(1) of the Northern Ireland (Loans) Act 1985.
